Cardano's SuperTrend Indicator Flips Bullish Amid Ongoing Accumulation

Crypto analyst Ali Martinez has pointed to a bullish signal on Cardano's daily chart, which could indicate a trend reversal for the cryptocurrency. The SuperTrend indicator, which Martinez has previously identified as one of his most accurate tools for tracking Cardano's price movements, has flipped from bearish to bullish.

The SuperTrend had previously marked the start of a 73% decline in ADA's price, but now suggests that the local exhaustion phase is over and a trend reversal may be underway. Martinez notes that this signal does not guarantee a continuation of the trend, and sets specific levels for potential upside, including a first target at $0.33 resistance zone and a secondary target at $0.42 if momentum persists.

Meanwhile, on-chain data from Santiment shows that large wallet holders have continued accumulating tokens during the drawdown, with wallets holding at least 1 million ADA now controlling 67.47% of the existing supply. This concentration among larger holders can make future price action more sensitive to whether those wallets continue accumulating or distribute into strength.